Market Multiple Table (Updated)
What’s in Today’s Report:
- Market Multiple Table: December Update
- EIA and Oil Market Analysis
Futures are little changed as overnight markets digested the week’s rally amidst better than expected economic data and more stimulus chatter.
Economic data was solid overnight as Chinese (57.8 vs. (E) 56.8), EU (41.7 vs. (E) 41.3) and British (47.6 vs. (E) 45.8) service sector PMIs all best estimates.
On stimulus, Democrat leader Pelosi and Schumer said the current $990 bln stimulus bill was a good “starting point.”
Today focus will be on economic data, especially Jobless Claims (E: 770K) because if they rise close to or above 800k, that will be more evidence the recovery is losing momentum. We also get the ISM Services Index (E: 56.1). Finally, stimulus chatter continues to heat up, and markets will embrace any further hints at negotiations (although a near-term deal still is very unlikely).